State-owned utility ESB invests in Terra Solar to accelerate the development of Ireland’s PV capacity

Terra Solar reference PV plant

The Electricity Supply Board (ESB, Fermoy, Co. Cork, Irland) has invested EUR 2.5 million to take a minority shareholding in Irish solar photovoltaic (PV) company Terra Solar which will accelerate the development of solar power generation in Ireland.

Terra Solar and ESB have the potential to deliver over 260 megawatts of electricity generation capacity from solar energy, which would power over 50,000 homes every year, reads the press release.

Terra Solar is headquartered at Nova UCD, the Centre for New Ventures and Entrepreneurs at University College Dublin. The company previously announced plans to develop solar farms in Kerry and Clare and is now also accelerating the roll out of solar farms across Limerick, Waterford and Wexford.

“We are at an inflection point for solar renewable energy generation in Ireland which is a strategic growth area for ESB as we reduce the carbon intensity of our generation portfolio,” said Cera Slevin, Manager of Solar and Storage for ESB Generation and Wholesale markets.

“Terra Solar is one of the most advanced solar development companies in Ireland. This strategic investment will see the development of multiple solar PV farms within Ireland in the future.”

“The funding provided by this investment will enable us to accelerate the development of our sites in Munster and in Wexford over the coming months and years,” added Terra Solar founders David Fewer and André Fernon.

While the sector is in its infancy in Ireland, solar PV is already playing a key role in many countries around the world in meeting user day time energy needs.

The UK for example, generates nearly 10,000 megawatts of electricity from solar PV technology, enough to power over 2 million homes. It is anticipated that further advancements in solar PV and storage technology in the coming years will lead to increased adoption both in Ireland as well as globally.